Medical Imaging Market size worth over $53bn by 2026

Medical Imaging Market size is set to surpass USD 53 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

The medical imaging market growth is owing to the rising elderly population base in developing as well as developed economies. Growing adoption of portable imaging modalities offering easy access to health information for clinical assessment of geriatric population will augment the market revenue. The utilization of medical imaging including X-ray, MRI and CT scanning have risen rapidly for early diagnosis of chronic diseases over the past few decades that should accelerate the market demand. Moreover, the COVID-19 pandemic will have a positive impact on the market growth because advance medical imaging modalities such as chest X-rays provide effective data on coronavirus disease progression.

 

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The healthcare sector has seen tremendous changes in recent years. Technological innovations and advancements in diagnostic medical imaging systems in developed economies should excel the market value. Rising demand for advanced medical imaging devices or systems to improve patient outcomes and operational efficiency will positively impact the medical imaging market progression. Prominent industry players operating in the industry aim to move towards patient-centric imaging and value-based radiology. Several improvements have been made in different imaging modalities such as mammography, ultrasound and MRI among others to reduce the associated side effects.
 

Digital Breast Tomosynthesis (DBT), or 3D mammography is the new standard in breast imaging with the potential to improve lesion visibility. It enables a radiologist to view each tissue layer independently instead of a combination of two images. Similarly, mobile technology has made its way into healthcare. Portable point-of-care ultrasound (POCUS) systems delivering corrective information for clinical assessment aid healthcare facilities in times of triage and emergency. Additionally, the combination of computed tomography as well as positron emission tomography is proving to be very useful in clinical oncology.
 

Numerous companies offering innovative medical X-ray systems will fuel the medical imaging market demand

Global Medical Imaging Market By Product

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The X-ray product segment is anticipated to witness more than 5% growth rate till 2026 led by introduction of technologically advanced detectors. Various companies are involved in manufacturing superior quality detectors. Different advantages of these detectors such as high frame rates and high reliability are expected to drive the market demand over the coming years. Furthermore, benefits of latest X-ray modalities such as a reduction in exposure to harmful radiations as well as superior quality imaging will influence the overall market expansion.
 

Browse key industry insights spread across 167 pages with 252 market data tables & 12 figures & charts from the report, “Medical Imaging Market Size, By Product (X-ray Devices {Digital [Direct Radiography Systems, Computed Radiography Systems], Analog}, Magnetic Resonance Imaging (MRI), Ultrasound, {2D Ultrasound, 3D Ultrasound}, Computed Tomography, Nuclear Imaging, Mammography), By End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-imaging-market
 

Diagnostic centers segment is estimated to showcase a robust industry growth trajectory

The diagnostic centers end-use segment accounted for over 30% revenue share in 2019 as  it offers treatment at reduced costs as compared to hospitals due to the high operational efficiency. Digitization in healthcare industry will ease diagnosis by providing faster and accurate results. Moreover, surging healthcare expenditure along with government funding for these centers will provide substantial growth opportunities.
 

Surging incidence of chronic disorders in European region, will foster the market expansion

Europe medical imaging market valuation was around USD 9.5 billion in 2019 owing to sophisticated healthcare facilities along with the rising government support for the development of innovative products. Presence of large number of manufacturer’s in European region as well as surging geriatric population base requiring different imaging devices will further propel the overall market revenue. In addition, several associations including European Society of Pediatric Radiology and Cardiovascular and Interventional Radiological Society of Europe initiated different programs to create awareness regarding early disease diagnosis.
 

Strategic implementation by foremost global market leaders

Few of the key players operating in medical imaging market include Canon Medical System, Carestream Health, Esaote, Fujifilm, GE Healthcare, Hologic, Konica Minolta, Philips, and Siemens Healthineers.  The prominent market leaders are involved into numerous strategic contracts including mergers and partnerships to gain momentous revenue shares in medical imaging business. For instance, in March 2019, Philips received FDA approval for DigitalDiagnost C90 digital radiography system. This approval helped the firm to attract larger customer base and subsequently witnessed an increase in the sales.
 

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